India's top steel makers have raised prices by an average 10.5 percent per tonne with immediate effect to align with rising global prices, industry officials said on Wednesday.
Most companies raised hot-rolled steel prices by 2,000 rupees ($45) per tonne to around 21,000 rupees for spot delivery, while galvanised steel prices were increased by 750-1,000 rupees a tonne, they said.
"We have raised prices of steel sold on a non-contract basis to adjust to current market realities," said a spokesman for Tata Steel Ltd, India's largest private-sector steel maker.
An industry source had told Reuters earlier that steel companies could raise prices by at least 1,000 rupees per tonne.
Hot-rolled steel prices in the global market had gone up between $25-50 per tonne to $425-450 in the past one month, industry officials said.
"The price hike is a collective industry decision," said another industry official.
State-run Steel Authority of India Ltd, Essar Steel Ltd and JSW Steel Ltd and Ispat Industries Ltd are the other hot-rolled steel makers.
The news of the price hike lifted shares in steel companies by between 0.6 percent and 3.9 percent in the Mumbai market.
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